this post was submitted on 23 Feb 2024
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Reddit Files to Go Public, Reveals That It Paid CEO $193 Million Last Year::Nineteen years since its founding, the social media site is finally going public.

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[–] ikapoz@sh.itjust.works 524 points 8 months ago (4 children)

So… the asshole who used reddits “unprofitability” as a fig leaf for hamstringing their user base with a garbage API policy just so happens to be the same guy that got paid 25% of the entire company revenue for the last year?

What a Fucking chode.

[–] zcd@lemmy.ca 173 points 8 months ago (1 children)

Spez is a goddamn pissbaby

[–] EdibleFriend@lemmy.world 93 points 8 months ago (3 children)

Who's bullshit earned him more money then either of us, put together, could ever hope to make in our entire lives.

In. One. Year.

[–] HotsauceHurricane@lemmy.one 49 points 8 months ago

Ypu only reach wealth by standing on others.

[–] BassTurd@lemmy.world 27 points 8 months ago* (last edited 8 months ago) (1 children)

I'm in a comfortable position in my life right now, so I'm fortunate. That said I don't know if I would sell myself out for that money. The money would be no good after I off'd myself from the guilt of being such a piece of shit. I'd probably be awesome for a while, but I'd either turn into the unempathetic monsters I hate, or it would catch up to me. Not worth it.

Really I'd probably take it... I'm human.

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[–] SkyeStarfall@lemmy.blahaj.zone 17 points 8 months ago

Society rewards people for making bad choices and doing bad things and many still pretend the system "works"

[–] avidamoeba@lemmy.ca 43 points 8 months ago* (last edited 8 months ago)

Standard, capitalist, non-unionized corporation. The exec layer and the major shareholders decide what to do with the revenue. Unsurprisingly they often decide to take as much as possible. Customers, users, employees have no leverage in the matter. Works as intended. 👌

[–] MindSkipperBro12@lemmy.world 39 points 8 months ago

Enshitification.

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[–] Ghostalmedia@lemmy.world 408 points 8 months ago (9 children)

Reddit gave more than 1/3rd of its revenue to 2 people, plus options. Holy fuck.

Apple doesn’t even pay it executives close to what Reddit is dishing out, even if you consider the stock they get.

Do NOT invest in this company. Now that we can see the books, it’s clear how poorly things are actually run.

[–] ikapoz@sh.itjust.works 46 points 8 months ago

Tim Cook of apple got paid $92 million in 2022 - a massive degree of overcompensation in my opinion, and an amount he got sued for.

If he got paid at a comparable percentage of revenue to spez last year that would have been (amusingly) a 92 Billion dollar paycheck - 1000x as much.

Regardless of how much I dislike the guy personally investors should be running away screaming from this IPO.

[–] danc4498@lemmy.world 17 points 8 months ago (2 children)

Another example of why we raise the tax rate for the top tier of earners.

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[–] FartsWithAnAccent@lemmy.world 270 points 8 months ago (2 children)

No fucking wonder they aren't profitable lol

[–] MindSkipperBro12@lemmy.world 115 points 8 months ago (3 children)

“We need to shut down APIs because they’re exploiting us for free money!”

entire site is moderated by unpaid, unrecognized “employees”

[–] ooterness@lemmy.world 23 points 8 months ago

entire site is moderated by unpaid, unrecognized “employees”

Don't you mean "landed gentry"? /s

Fuck Spez.

[–] einlander@lemmy.world 21 points 8 months ago

*Content generators for AI training data sets.

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[–] ElderberryLow@programming.dev 168 points 8 months ago (3 children)

$193 million to shit on his users and the people who made Reddit what it is.

[–] Aermis@lemmy.world 30 points 8 months ago (1 children)

I mean... There's not a lot of people who wouldn't take $193 million for that.

[–] CurbsTickle@lemmy.world 58 points 8 months ago* (last edited 8 months ago) (1 children)

Unable to delete so editing instead. Leaving Lemmy.world due to privacy concerns.

[–] KingThrillgore@lemmy.ml 13 points 8 months ago (1 children)

Shit I'd take home 9.3 million to do that.

And then move out of town and change my name because have you seen how nuts some redditors are?

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[–] notannpc@lemmy.world 165 points 8 months ago (2 children)

Remember when pigboy spez tried to say that the API pricing was, at least partially, because reddit still wasn’t turning a profit?

I wonder if paying some fucking moron who brings effectively no value to the company $193 million has anything to do with it…

[–] n3m37h@lemmy.dbzer0.com 20 points 8 months ago

It was def the ~~unpaid~~ moderators, just look how many there are!

[–] RandomVideos@programming.dev 13 points 8 months ago (1 children)

Doesnt he bring negative value?

[–] circasurvivor@lemm.ee 16 points 8 months ago

Wow - really? Did you not read that he's the CEO?! They're the hardest working person in any company! They always deserve to be compensated more than every other freeloading employee combined!

[–] proper@lemmy.world 156 points 8 months ago (3 children)
[–] DragonTypeWyvern@literature.cafe 21 points 8 months ago

Aaron Swartz didn't kill himself.

(MIT and the FBI did that)

[–] _number8_@lemmy.world 11 points 8 months ago

so fucking sad. he got rung up on a bullshit technicality. broke my heart when i read about how his lawyers were begging the prosecution to tone down the bombast rhetoric and shock-and-awe proposed sentences because it was severely affecting his mental health. and yeah

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[–] gloss@discuss.tchncs.de 134 points 8 months ago (4 children)

Spez is an idiot who sold reddit to Conde Nast for peanuts, failed in very other start up he tried, and then came crawling back. And they somehow made him CEO. And he is overpaying himself by $193 million a year. Reddit deserves whatever happens to them.

[–] echodot@feddit.uk 30 points 8 months ago (2 children)

I don't get what as CEO he even actually does. When was the last time Reddit had any major update?

[–] Strawberry@lemmy.blahaj.zone 48 points 8 months ago (2 children)

well there was the update that removed the open api, and the update that made half the site require using the app

[–] ahal@lemmy.ca 17 points 8 months ago (1 children)

Don't forget the update to the privacy policy so they can sell more of your data

[–] SomethingBurger@jlai.lu 10 points 8 months ago (1 children)

Also the one time when spez updated someone's comment directly in the database.

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[–] SSUPII@sopuli.xyz 10 points 8 months ago

And they removed awards replacing them with super upvotes

[–] force@lemmy.world 8 points 8 months ago

The CEO just influences PR decisions and says stupid stuff online, they don't actually do anything for the company

[–] index@sh.itjust.works 22 points 8 months ago (1 children)

Everyone who still use reddit is a bigger idiot than spez

[–] ours@lemmy.world 27 points 8 months ago

Try this: Reddit users are getting emails and messages inviting them to the IPO at "the same price as institutions". Imagine buying Reddit stock!

Gotta pay that 200 mil a year to the CEO somehow.

[–] bitwaba@lemmy.world 15 points 8 months ago (1 children)

Reddit deserves whatever happens to them.

Unless it's good.

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[–] rottingleaf@lemmy.zip 50 points 8 months ago (1 children)

A friendly reminder that corporate corruption is still corruption, and a C-person is not an owner.

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[–] FrankTheHealer@lemmy.world 22 points 8 months ago

Fuck that shit heap of a company. And fuck spez that greedy little cunt.

[–] modifier@lemmy.ca 19 points 8 months ago (3 children)

I bet the remaining redditors could figure out a way to salt the proverbial earth for the ai, even as the site dies slowly.

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[–] sploosh@lemmy.world 15 points 8 months ago

So that rich asshole killed a bunch of developers' income streams because he checks notes is paid too much. What a greedly little pissboy the former mod of /r/jailbait is.

[–] skozzii@lemmy.ca 11 points 8 months ago (1 children)

He stole from us, the hard work of all the actual redditors who built that platform. Disgusting.

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[–] fne8w2ah@lemmy.world 9 points 8 months ago

Fuck spez the hurensohn always and forever.

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